Supporting Strategic Success Through Enterprise-Wide Reputation Risk Management

Concern over an organization's reputation is at a heightened level and has become a top strategic business risk. Reputation creation, enhancement, and protection are critical to an organization's success, yet highly challenging given the wide ranging and somewhat opaque nature of the concept as well as the variety of potential events causing harm. These qualities call for a strong enterprise risk management (ERM) approach to reputation that is holistic and integrative, yet existing knowledge of how to do so is limited. The aim of this paper is to evaluate and synthesize existing reputation literature in developing an enterprise-wide reputation risk management framework incorporating necessary steps, processes, and considerations. We address risk strategy, risk assessment, risk governance, and risk culture as key elements of ERM and conclude with suggestions for future research